Galahad Closes $240,000 Private Placement

The Company is pleased to announce that it raised a total of $180,000 through the sale of Flow-Through Units ("FT Units"). The Company issued 3,600,000 FT Units which were sold at $0.05 per FT Unit. Each FT Unit consists of one Flow-Through common share and one Non-Flow-Through Common Share purchase warrant exercisable at $0.12 each from the date of issue up to and including February 28, 2014.

The Flow-Through proceeds raised are being used to fund a 4-hole drilling programme at Regcourt (Val d'Or, QC) which began on February 22, 2012 and ended on March 16, 2012. Assay results are expected in the next 4-6 weeks. The Company closed the issue to coincide with the end of drilling.

The Company also raised a total of $60,000 through the sale of Non-Flow-Through Units ("Units"). The Company issued 1,200,000 Non-Flow-Through Units which were sold at $0.05 per Unit. Each Unit consists of one Non-Flow-Through common share and one Non-Flow-Through Common Share purchase warrant exercisable at $0.12 each from the date of issue up to and including February 28, 2014.

Non-Flow-Through proceeds raised will be used for working capital.

The Company will pay a Finder's Fee, where applicable, payable in a combination of cash and the issuance of securities of the Issuer equal to 4% ($6,800) of the cash and Unit Warrants (each unit warrant is comprised of one non-Flow-Through common share purchase warrant exercisable at $0.12 each from the date of issue up to and including February 28, 2014) equal to 6% (204,000 units) of the proceeds received by the Corporation from the sale of Units to subscribers.

For further information, please go to www.galahadmetals.com.

This Press Release may contain forward looking statements that involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this Press Release.

Contacts

President
Mike Zamora
1-905-483-1155
mike@dowgroup.ca

Wayne Meredith
In Vancouver:
1-604-569-2509
wayne@dowgroup.ca

Sean Kingsley
Investor Relations
1-877-681-8669
s.kingsley@tridentfin.com